Brooklyn Heights Resident James Grant Calls for True Gold Standard

Brooklyn Heights resident/financial guru James Grant addressed the 64th CFA Institute Annual Conference today and called for a return to a “true gold standard (that) favors no one nation, but synchronizes the balance of payments between all.”

CFA: Grant suggested that the dollar might experience upside movement if faith in the euro continues to deteriorate due to Europe’s sovereign debt problems, but that in his opinion neither currency is a reliable long-term store of value — and that a return to a gold standard would “restore the price mechanism to its proper place.”

While acknowledging that a new gold standard may not be a realistic or popular proposition at this point in time — “if a tomato was thrown, it missed me completely,” he quipped — Grant suggested that a gold standard might indeed be seriously considered “when the full cost of the paper dollar standard is tallied.”

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  • nabeguy

    Sure, but if that happened, we’d all be working for these folks:
    http://tinyurl.com/3ew63p7

  • Jeffrey j Smith

    NO! a gold standard CAN be a major safeguard of the people’s
    financial interests. But its also true that a gold standard improperly
    done or dishonestly done by international banks can be a perfect
    vehicle for financial control. But 80% gold acts as a freedom safeguard. The REAL standard to safeguard our nation’s financial
    health is exactly what the great patriots and honest economists
    of the 1920′s and 30′s said; 1) the money supply size MUST represent the PRODUCTIVITY of the industrial and agriculturial
    activity of the society. 2) the government, NOT a private bank
    MUST issue the nations money as NON interest bearing currency.
    And there is NO substitute for vigilance by the American people
    to watch and control the actions of OUR government….

  • Jeffrey j Smith

    The MAIN organization which people should know about is
    GATA the gold anti trust association which has exposed
    the huge fixing of the price of gold by the fed and major
    international banks. The reason gold is now not like $2600.
    an oz or MORE is that the fed and major overseas banks
    have kept the price of gold strongly surpressed.

    No? Ok check out the following web sites:

    http://www.gata.org/node/11

    http://www.americanfreepress.net March 28 2011 GATA Article

    GATA has forced disclosure of the Fed’s GOLD SWAP
    PROGRAM one of the world’s ultra secret financial activities

  • Damn, I’m rich

    Better than working for this fool…
    http://tinyurl.com/2ass66

  • Jeffrey j Smith

    I say back to the tally sticks…..

  • Tara

    In utter agreement, DIR.
    The link would be a smile if it weren’t so tragic.

  • Quinn Raymond

    I know people in Brooklyn Heights like 19th Century architecture, but 19th Century banking too?

    I am no fan of the banks but what if we did what you’re suggesting we could not have financed WWII. Please read “The Ascent of Money” by Niall Ferguson if you want to better understand this issue objectively and rationally.

    Returning to the gold standard is a fringe Tea Party position.